Older people may be more vulnerable to high banking fees and high-interest loans and mortgages, according to a new report. This report is from the Woodstock Institute a policy nonprofit based in Chicago. They found that people 55 and older pay $4.5 billion in overdraft fees per year. And many of these people subsist on just Social Security income. Geoff Smith is vice president of the Woodstock Institute and co-author of the report, and he tells us more.

Related:
Improving Economic Security Later in Life: Meeting the Credit and Financial Services Needs of Older Persons

Music Button: Matt Ulery, “The Immigrant”, from the CD Themes and Scenes, (Woolgathering)